Smead Capital Management Inc. Has $234.48 Million Stake in Bank of America Co. (NYSE:BAC)

Smead Capital Management Inc. raised its position in shares of Bank of America Co. (NYSE:BAC) by 16.7% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 6,963,932 shares of the financial services provider’s stock after acquiring an additional 994,072 shares during the period. Bank of America comprises about 4.2% of Smead Capital Management Inc.’s investment portfolio, making the stock its 12th largest holding. Smead Capital Management Inc.’s holdings in Bank of America were worth $234,476,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of BAC. Roundview Capital LLC increased its holdings in shares of Bank of America by 1.5% in the first quarter. Roundview Capital LLC now owns 135,764 shares of the financial services provider’s stock valued at $5,596,000 after purchasing an additional 2,013 shares in the last quarter. Loomis Sayles & Co. L P increased its holdings in shares of Bank of America by 150.3% in the first quarter. Loomis Sayles & Co. L P now owns 1,985 shares of the financial services provider’s stock valued at $82,000 after purchasing an additional 1,192 shares in the last quarter. NewEdge Advisors LLC increased its holdings in shares of Bank of America by 4.2% in the first quarter. NewEdge Advisors LLC now owns 405,098 shares of the financial services provider’s stock valued at $16,698,000 after purchasing an additional 16,319 shares in the last quarter. First Western Trust Bank acquired a new stake in shares of Bank of America in the first quarter valued at approximately $586,000. Finally, Pearl River Capital LLC acquired a new stake in shares of Bank of America in the first quarter valued at approximately $534,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Up 1.4 %

Shares of NYSE:BAC traded up $0.49 during midday trading on Thursday, reaching $35.72. 23,355,292 shares of the company were exchanged, compared to its average volume of 41,295,941. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $38.35. The company has a quick ratio of 0.80, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The stock has a fifty day simple moving average of $35.55 and a two-hundred day simple moving average of $32.21. The firm has a market cap of $281.85 billion, a PE ratio of 12.37, a P/E/G ratio of 1.58 and a beta of 1.39.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The business had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. During the same period last year, the business posted $0.94 earnings per share. The firm’s quarterly revenue was down 1.7% on a year-over-year basis. As a group, sell-side analysts forecast that Bank of America Co. will post 3.13 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were paid a $0.24 dividend. The ex-dividend date was Thursday, February 29th. This represents a $0.96 annualized dividend and a yield of 2.69%. Bank of America’s payout ratio is currently 33.22%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on BAC shares. Keefe, Bruyette & Woods raised their price objective on shares of Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a research note on Friday, April 5th. BMO Capital Markets raised their price objective on shares of Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research note on Thursday. Morgan Stanley raised shares of Bank of America from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $32.00 to $41.00 in a research note on Tuesday, January 30th. Jefferies Financial Group raised their price objective on shares of Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research note on Monday, April 8th. Finally, Barclays raised their price objective on shares of Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research note on Tuesday, January 2nd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $38.29.

About Bank of America

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.